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Institutional investors show strong interest in Ola IPO

Naushad K. Cherrayil
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Institutional investors show strong interest in Ola IPO
  • Indian Electric scooter maker plans to raise $734m while the quota for big institutions was set at $330m and allocation was completed on August 1.
  • The opening of the IPO to retail investors and eligible employees on Friday, with a closing date of Tuesday.
  • Ola Electric share price expected to be listed on BSE and NSE on August 9.

Ola Electric, the SoftBank-backed Indian electric scooter manufacturer, commenced its IPO with bids worth over $2 billion from institutional investors.

Set to be the largest IPO in India this year, the demand highlights the confidence in Ola Electric’s growth potential and its ability to capitalise on the surging EV market in India.

Indian Electric scooter maker Ola, plans to raise $734 million while the quota for big institutions was set at $330 million and allocation was completed on Thursday.

Notably, prominent players like Nomura, Norges Bank, and several Indian mutual funds have secured allocations, indicating a strong belief in the company’s long-term prospects.

Leading Indian mutual funds, including SBI and HDFC Mutual Funds, have been allocated shares worth $30-$36 million each, while Nomura and Norges Bank were allocated around $24 million each.

IPO structure

The IPO structure, with 75 per cent of the shares reserved for QIBs, 15 per cent for non-institutional institutional investors, and 10 per cent for retail investors, reflects a strategy to balance institutional backing with retail participation.

The structure ensures significant support from established investors while also fostering retail interest in the company’s journey.

The firm, founded by Bhavish Aggarwal, is offering shares in the range of Rs72-Rs76 per share, targeting a valuation of $4 billion.

Opportunity for investors

The valuation reflects the company’s ambitious growth trajectory and its position as a key player in the Indian EV market. Ola Electric is leveraging its existing brand recognition and strong customer base in the ride-hailing sector to penetrate the burgeoning electric scooter market.

Furthermore, the Offer for Sale component of the IPO, where founder Bhavish Aggarwal will sell around 3.8 crore shares, highlights the opportunity for investors to acquire a stake in the company’s success.

The opening of the IPO to retail investors and eligible employees on Friday, with a closing date of Tuesday, marks a crucial stage in the process.

The level of participation from retail investors will provide further insight into public sentiment towards the company and its future prospects.

With the Ola Electric share price expected to be listed on BSE and NSE on Friday, August 9th, the IPO’s success will be closely watched. This event will be a landmark moment for the Indian EV sector and could set a precedent for other electric vehicle companies looking to access public markets.

New 3D printing technique using polymer ink and salt water solution

Naushad K. Cherrayil
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New 3D printing technique using polymer ink and salt water solution
  • The reversible physical crosslinking and de-crosslinking of the polymer through the salting-out effect demonstrate the recyclability of the polymeric ink.
  • Revolutionary method has the potential to redefine the landscape of 3D printing, paving the path towards a more sustainable and responsible future.

The world of 3D printing is experiencing a paradigm shift, transitioning from energy-intensive and environmentally taxing methods to a more sustainable and eco-conscious approach.

However, traditional 3D printing techniques often face criticism for their reliance on energy-intensive processes and the use of harsh chemicals, which can impose substantial environmental costs.

At the forefront of this revolution are researchers at the University of California San Diego, who have developed a groundbreaking technique utilising the simple interaction of polymer ink and salt water to create solid structures.

This innovative method revolves around a unique polymer solution known as poly(N-isopropylacrylamide) or PNIPAM. When this liquid ink is extruded through a needle into a calcium chloride salt solution, an instantaneous solidification occurs upon contact with the saline environment.

Salting-out effect

The phenomenon, dubbed the “salting-out effect,” is the driving force behind this novel 3D printing technique.

The “salting-out effect” is a well-established phenomenon in chemistry. The introduction of aqueous salt solutions significantly lowers the phase transition temperature of PNIPAM solutions, bringing it below 10°C.

The reduction in temperature enables the spontaneous formation of physical crosslinks within the PNIPAM chains at room temperature, effectively solidifying the solution upon contact with the salt solution.

The beauty of this process lies in its simplicity and efficiency. The PNIPAM solutions, readily extrudable through needles, solidify instantly upon encountering salt ions, preserving the printed structures without the need for additional steps, specialized equipment, or harsh chemical additives.

Reversible nature

The elimination of complex post-processing steps and reliance on toxic substances marks a significant stride towards environmentally responsible manufacturing.

Furthermore, the reversible nature of the salting-out effect underscores the inherent recyclability of this 3D printing method. The physical crosslinking and de-crosslinking of the polymer, induced by the salt solution, allow for easy dissolution of the solid structures in fresh water, reverting them back to their liquid form.

The characteristic opens up a new avenue for sustainable polymer material utilisation, minimising waste and maximising resource efficiency.

The researchers, led by Professor Jinhye Bae  in the Aiiso Yufeng Li Family Department of Chemical and Nano Engineering at the UC San Diego Jacobs School of Engineering,  envision their simple and reversible 3D printing technique as a key contributor to the development of environmentally friendly polymer manufacturing technologies.

Beyond its inherent sustainability, the  technique demonstrates remarkable versatility, enabling the production of complex structures with integrated functionality.

The researchers have successfully printed electrical circuits using PNIPAM ink mixed with carbon nanotubes, which successfully powered a light bulb.

The ability to dissolve these printed circuits in fresh water highlights the potential for creating water-soluble and recyclable electronic components, further pushing the boundaries of sustainable technological innovation.

The implications of this breakthrough are far-reaching. By eliminating the need for energy-intensive steps, toxic chemicals, and specialized equipment, this new 3D printing technique paves the way for a more environmentally friendly and cost-effective approach to polymer manufacturing.

BCCI arrives at settlement with Byju’s

Ana Mary Joseph
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BCCI arrives at settlement with Byju’s
  • US lender Glass Trust opposes the settlement and repayment is tainted and being funded with stolen money.
  • IRP, monitoring Byju’s insolvency proceedings, raised alarms regarding the company’s transparency and cooperation.

The Board of Control for Cricket in India (BCCI) has confirmed a settlement on the repayment of over Rs158 crores owed under sponsorship agreements.

On Wednesday, during the proceedings at the National Company Law Appellate Tribunal (NCLAT), it was disclosed that Riju Raveendran, the brother of Byju’s founder, had initiated the repayment by contributing Rs50 crores.

An additional Rs25 crores is expected to be paid by the Friday, with a final payment of Rs83 crores due by August 9.

The development comes in the context of Byju Raveendran’s appeal against insolvency proceedings initiated by the National Company Law Tribunal (NCLT), seeking to control the unfolding financial turmoil.

However, the apparent resolution faced immediate challenges from US lender Glass Trust Inc, which opposed the settlement on the grounds of a substantial claim related to guarantees worth Rs8,000 crores.

Misconduct

Senior Advocate Mukul Rohatgi, representing Glass Trust, accused Byju’s leadership of misconduct, claiming that funds intended for legitimate business operations had been improperly diverted.

His assertions were underscored by allegations from a US court indicating potential misappropriation of over $500 million. These allegations raise critical questions about the financial integrity of Byju’s operations and the ethical responsibilities of its management.

The BCCI, represented by Assistant Solicitor General Tushar Mehta, emphasised that its claim was comparatively minor and should not impede the settlement process between itself and Byju’s.

The perspective suggests a willingness from the BCCI to facilitate a resolution, provided that the terms are defined clearly and do not jeopardise the interests of financial creditors like Glass Trust.

Need for clarity

Such negotiations encapsulate the complexities of corporate bankruptcy, where the prioritisation of creditors can lead to contention among various tiers of stakeholders.

Moreover, Riju Raveendran’s assertion that the funds for repayment would come from sources independent of Byju’s corporate resources further complicates the narrative.

His statement was aimed at mitigating allegations of misconduct and reinforcing the legitimacy of the repayment structure. This crucial distinction emphasises the legal boundaries and liabilities of shareholders versus the corporate entity itself, reflecting the intricate legal framework encompassed within the Insolvency and Bankruptcy Code (IBC).

Meanwhile, the interim resolution professional (IRP) monitoring Byju’s insolvency proceedings raised alarms regarding the company’s transparency and cooperation.

Indicating a lack of access to essential data and resources, the IRP reported unsettling findings that corroborate the precarious state of Byju’s operations.

The IRP’s observations amplify concerns that the company’s financial mismanagement could impede a fair resolution process, potentially heightening scrutiny from creditors and regulators alike.

As the NCLAT adjourned the hearing, the expectation for Byju’s to furnish an affidavit clarifying the segregation of funds between financial and operational creditors highlighted the need for clarity moving forward.

The tribunal’s insistence on such documentation underscores the complexities inherent within insolvency proceedings, especially when differing claimants are involved.

Digital Dubai takes steps to implement AI-powered data centres

Naushad K. Cherrayil
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Digital Dubai takes steps to implement AI-powered data centres
  • Digital Dubai is partnering with several key entities, such as the Telecommunications and Digital Government Regulatory Authority, Dubai Electricity and Water Authority, Dubai Municipality, and the Dubai Department of Economy and Tourism.
  • Future-proofing Dubai for the next generation of technologies and fostering a fertile ground for innovation that unlocks significant economic potential.

Digital Dubai has outlined significant advancements spearheaded by a collaborative effort among government and private sectors to implement a Strategic Vision for the Data Centre Economy in Dubai.

The initiative, endorsed by The Executive Council, aims to position the emirate as a paradigm of futuristic economies underpinned by emerging technologies.

Integral to the vision are the objectives articulated in the Dubai Economic Agenda D33, which aspires to enhance the productivity of Dubai’s economy by 50 per cent through digital innovation.

A comprehensive analysis conducted by Digital Dubai revealed substantial opportunities for coordination among various stakeholders. The goal is to attract and establish data centres focused on artificial intelligence, positioning Dubai as an attractive investment hub for this burgeoning sector.

The economic implications of this strategic vision are profound.

The study indicates that the establishment of AI-backed data centres is projected to generate an additional AED14.3 billion in value by 2028 while simultaneously fostering job creation within the digital economy.

Moreover, adopting this vision is anticipated to bolster Dubai’s readiness for next-generation technologies, including Web 3.0, the Metaverse, Smart Cities, and the Internet of Things.

Solidifying Dubai’s position

It is set to further reinforce partnerships across sectors, particularly in sustainable artificial intelligence initiatives.

Digital Dubai is partnering with several key entities, such as the Telecommunications and Digital Government Regulatory Authority, Dubai Electricity and Water Authority, Dubai Municipality, and the Dubai Department of Economy and Tourism.

These partnerships are crucial for refining coordinated measures that will solidify Dubai’s position as a leader in the future economy.

The emphasis on high-performance computing and advanced data centre utilisation reflects a commitment to sustainability, with initiatives aimed at maximising renewable energy use and enhancing governmental procedures related to energy access and efficiency.

These measures will not only facilitate the operationalisation of the data centre economy but also support the broader strategic position of artificial intelligence within Dubai.

Transformative potential

Hamad Obaid Al Mansoori, Director-General of Digital Dubai, said these developments leverage the UAE’s competitive advantages, positioning it as a premier global destination for sustainable data centres.

“In addition, economic leaders like Younus Al Nasser and Hadi Badri have highlighted the transformative potential of the data centre economy in responding to evolving global economic patterns and fostering innovative business models.”

Hadi Badri, CEO of Dubai Economic Development Corporation, the economic development arm of the Dubai Department of Economy and Tourism, said, the transformative strategy is to enable the city to remain at the forefront of the rapidly evolving global digital economy.

“By future-proofing Dubai for the next generation of technologies, we are fostering a fertile ground for innovation that unlocks significant economic potential, aligned with the goals of the D33 Agenda.”

Synapse Analytics gets $2m from Silicon Badia and Hub71

Naushad K. Cherrayil
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Synapse Analytics gets $2m from Silicon Badia and Hub71
  • Seeks to craft future of finance in a region characterised by a young population, growing economies and a rapid adoption of digital finance.
  • Cairo-based Synapse Analytics secures $2 million to expand its AI technologies across the GCC and Africa and drive transformative change in the financial sector.

Synapse Analytics, part of Abu Dhabi’s tech ecosystem  Hub71, is poised to address a critical socioeconomic challenge, which is financial inclusion and access by providing cutting-edge AI software for financial decisions, including credit scoring, cross-selling, dynamic pricing, and eKYC/eKYB (Know Your Customer/Business) processes.

“AI isn’t just a tool—it’s the catalyst for making financial inclusion a reality in the MEA region. Our technology is designed to help financial institutions make their services inclusive, accessible, affordable, convenient, empowering, and safe. Imagine accessing financing as easy as signing up for an app with your email,” Ahmed Abaza, Co-Founder and CEO of Synapse Analytics, said.  

Moreover, he said that they are crafting the future of finance in a region characterised by a young population, growing economies, and a rapid adoption of digital finance.

“We see MEA becoming a pioneer in the financial services world, and we couldn’t find a better partner to join us on this mission than the Silicon Badia family.”

AI-driven transformation

Synapse Analytics has already established multiple partnerships with major banking product providers such as AWS, Crealogix, and TUMM, positioning itself as a key player in the region’s AI-driven transformation.

“One of the most significant aspects of our technology focuses on “dark matter” of AI, in which AI needs to be integrated seamlessly with existing data sources, core banking, and loan systems. Our core competency lies in successfully shipping AI workloads to production in a safe, secure, and controllable manner. We are shaping the future of financial decisions and are excited to continue driving innovation in this critical sector,” Galal El Beshbishy, Synapse Co-Founder and COO, said.

Samsung’s operating profit surges more than 15 fold in second quarter

Ana Mary Joseph
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Samsung’s operating profit surges more than 15 fold in second quarter
  • Revenue soars 23.4% while net income more than quintuples on strong semiconductor business and display panels.
  • Galaxy S24 series experienced a significant uptick, showing double-digit growth in both shipments and revenue compared to its predecessor.
  • Samsung expects continued growth in the second half of 2024.

South Korea’s tech giant Samsung Electronics saw its second quarter operating profit surge more than 10 trillion won for the first time in seven quarters since the third quarter of 2022.

Its operating profit surged more than 15 times to 10.44 trillion won ($7.6 billion) in the Apil-June quarter compared to 668.5 billion won ($484.1 million) a year ago on the robust performance of its semiconductor business and display panels.

Samsung’s total revenue soared by 23.4 per cent year-on-year, reaching 74.07 trillion won ($53.6 billion). Net income also experienced a dramatic increase, more than quintupling to 9.84 trillion won ($53.6 billion).

The positive performance was largely driven by favourable market conditions in the memory chip sector, which elevated average sales prices, coupled with strong OLED panel sales.

The semiconductor business emerged as a key driver of growth, reporting an operating profit of 6.45 trillion won ($4.7 billion) on revenue of 28.56 trillion won ($4.7 billion) on revenue of 28.56 trillion won ($20.7 billion).

Smartphone sales soar

Demand for high-bandwidth memory (HBM), conventional DRAM, and server SSDs surged due to ongoing investments in artificial intelligence (AI) by cloud service providers. Additionally, the increased demand for AI applications from businesses is continuously fueling this sector.

The higher supply of systems on chips (SoCs), image sensors, and display driver integrated circuits (DDIs) further bolstered the semiconductor division’s earnings.

In the display panel segment, Samsung reported an operating profit of 1.01 trillion won ($731.4 million) from revenues of 7.65 trillion won ($5.5 billion).

The growth in mobile display panels was supported by strong demand for flagship products and a stable supply of IT OLED products.

Furthermore, there was a notable expansion in sales of large display panels driven by increased demand for high-resolution and high-refresh-rate monitors within the gaming sector, alongside the rising adoption of OLED technology in the television market.

Beyond semiconductors and display panels, Samsung’s mobile phone and networks division recorded an operating profit of 2.23 trillion won ($1.6 billion) on revenues of 27.38 trillion won ($1.6 billion) on revenues of 27.38 trillion won ($19.8 billion).

Despite a seasonal decline in overall smartphone demand, the Galaxy S24 series experienced a significant uptick, showing double-digit growth in both shipments and revenue compared to its predecessor.

Projections for the second half of the year indicate a potential upswing in smartphone demand, driven by AI-enhanced premium products and the introduction of innovative new devices.

Capex jumps

The TV and home appliance division also reported a profit of 490 billion won ($354.8 million) on revenues of 14.42 trillion won ($354.8 million) on revenues of 14.42 trillion won ($10.4 billion).

The increased demand for televisions, particularly due to global sporting events, is expected to continue into the second half of 2024, spurred on by a heightened interest in QLED, OLED, and larger screen televisions.

Samsung is poised for continued growth in the latter half of 2024, as its capital expenditures for the second quarter reached 12.1 trillion won ($8.8 billion), with substantial investments in both semiconductor and display panel units.

The company anticipates a strong recovery in demand across various segments, propelled by the convergence of AI technologies with consumer devices, which is likely to enhance the appeal of its premium offerings.

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